Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Summary of components of (loss) income before income taxes

The components of loss before income taxes are summarized as follows:


	Year Ended December 31,
(In thousands)	2024		2023		2022
U.S.	$	10,580	$	(2,381)	$	(15,912)
Foreign	(70)		13		(76)
Income (loss) before income taxes	$	10,510	$	(2,368)	$	(15,988)

Schedule of reconciliation of income taxes computed using the federal statutory rate to the taxes reported in consolidated statements of operations

A reconciliation of income taxes computed using the U.S. federal statutory rate to the taxes reported in the consolidated statements of operations is as follows:


	Year Ended December 31,
(In thousands)	2024			2023			2022
Income (loss) before income taxes	$	10,510		$	(2,368)		$	(15,988)
Federal statutory rate	21		%	21		%	21		%
Taxes computed at federal statutory rate	2,207			(497)			(3,357)
State and local income taxes	381			(389)			(630)
Nondeductible stock-based compensation	(6,547)			(586)			1,168
Federal and state rate change	1,090			(704)			574
Research and orphan drug credits	(156)			362			(644)
Other	402			162			267
Deferred tax adjustment	7,374			—			—
Change in valuation allowance	(4,603)			2,466			3,343
Reported income taxes	$	148		$	814		$	721

Schedule of deferred tax assets and liabilities

Deferred tax assets (liabilities) consist of the following:


	Year Ended December 31,
(In thousands)	2024		2023
Deferred tax assets:
Net operating loss carryforwards	$	15,481	$	4,505
Employee benefits and stock-based compensation	18,606		24,812
Research and development costs	4,778		5,176
Intangible assets	786		962
Operating lease liabilities	20,664		20,849
Inventory reserve	2,540		3,570
Tax credit carryforward	10,937		10,781
Other, net	3		12
Total deferred tax assets	73,795		70,667
Less: valuation allowance	(45,153)		(49,755)
Total net deferred tax assets	28,642		20,912
Deferred tax liabilities:
Right-of-use assets	(18,056)		(19,296)
Property and equipment, net	(10,586)		(1,616)
Total net deferred tax liabilities	(28,642)		(20,912)
Net deferred tax assets and liabilities	$	—	$	—